The linear magnetoelectric effect is an intriguing phenomenon with potential technological applications. Usually this effect is considered for insulating states of matter. In this talk, I will discuss our recent work on the magnetoelectric effect in topological Weyl semimetals. The simplest form of Weyl semimetal possesses a pair of two component , linearly dispersing fermions of opposite chirality. The band touching points act as the (anti)monopoles of Berry curvature and lead to a large, space and time dependent linear magnetoelectric coupling. This coupling is responsible for many anomalous, chiral transport properties. I will discuss the experimental consequences and potential applications of the anomalous transport quantities for some promising candidate materials.